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Stock markets dip as US inflation comes into view
Stock markets drifted lower on Monday as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates going into the new year. Oil prices fell nearly two percent before bouncing higher and then sliding back lower as dealers awaited a delayed meeting of OPEC and its allies to decide over output levels. With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action, though analysts were upbeat about the end of the year. "Although there isn't much buying interest at the moment, it's more notable that there still isn't much selling interest," said Briefing.com analyst Patrick O'Hare. The retreat in equities comes after a recent run-up across world stock markets fuelled by bets the US central bank has finished lifting interest rates as inflation comes down and the jobs market comes off the boil. Expectations that the Federal Reserve is done with hiking rates continued to weigh on the dollar Monday. The main focus this week is the release Thursday of the personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation. "These numbers will be closely scrutinized for insights into inflation trends and their potential implications for monetary policy decisions," said SPI Asset Management's Stephen Innes. "While the current backdrop does not signify 'mission accomplished' in terms of addressing inflation, policymakers must now focus on planning for the next phase of the economic battle." Still, observers were upbeat about the outlook, with the latest weakness blamed on traders taking a breather after a strong month. Tony Sycamore, at IG Group, said early December could see some selling as investors "rebuild energy and (look) to set up for the end-of-year fireworks". Others said a drop in Wall Street's VIX "fear gauge" -- a measure of equity volatility -- to its lowest since January 2020 suggested investors were getting their mojo back. Eyes are also on developments at OPEC after the group and its allies, notably Russia, delayed a meeting aimed at agreeing production quotas, with some African countries said to be baulking at Saudi Arabian calls for more cuts. The group is thought to be close to reaching an agreement that could see the Saudis and Russia extend output reductions into the new year. OANDA analyst Craig Erlam said the OPEC+ group has shown in the past it usually can get a deal done, even if Saudi Arabia and Russia need shoulder bigger cuts. "But the question is how far they'll push it, given the recent trend in oil prices and increasing concerns around global growth next year," said Erlam. Crude prices have fallen in recent weeks as demand is seen coming down owing to slowing economies, particularly China's, and the Middle East conflict appears to not have expanded to include other countries in the region. Key figures around 1630 GMT New York - DOW: DOWN 0.2 percent at 35,338.58 points London - FTSE 100: DOWN 0.4 percent at 7,460.70 (close) Paris - CAC 40: DOWN 0.4 percent at 7,265.49 (close) Frankfurt - DAX: DOWN 0.4 percent at 15,966.37 (close) EURO STOXX 50: DOWN 0.4 percent at 4,354.41 (close) Tokyo - Nikkei 225: DOWN 0.5 percent at 33,447.67 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 17,525.06 (close) Shanghai - Composite: DOWN 0.3 percent at 3,031.70 (close) Euro/dollar: UP at $1.0935 from $1.0922 Pound/dollar: UP at $1.2611 from $1.2585 Euro/pound: DOWN at 86.70 pence from 86.79 pence Dollar/yen: DOWN at 148.94 from 149.56 yen West Texas Intermediate: DOWN 0.1 percent at $75.44 per barrel Brent North Sea crude: DOWN 0.3 percent at $80.36 per barrel .....»»
Netanyahu says Israel ‘preparing’ Gaza ground war
Prime Minister Benjamin Netanyahu said Wednesday that Israel is readying a ground war in Gaza, pressing ahead with plans that have troubled allies and threaten to worsen an already cascading humanitarian crisis. Facing ever-louder international calls to temper Israel's ferocious 19-day bombing campaign in the Hamas-controlled territory, Netanyahu delivered a nationally televised address. He told fellow Israelis still grieving and angry after Hamas's bloody attacks: "We are in the midst of a campaign for our existence," while insisting Israel will decide how the war is prosecuted. On 7 October, throngs of Hamas gunmen poured from Gaza into Israel, killing 1,400 people, mostly civilians, and kidnapping 222 more, according to official tallies. US President Joe Biden is among the foreign leaders stepping up public calls for Israel to "protect innocent civilians" and to follow the "laws of war" as it pursues Hamas targets. Thousands of Gazans are already believed to have died in Israel's aerial assault, with the toll expected to rise substantially if tens of thousands of Israeli troops massed around Gaza move in. Biden on Wednesday said he had privately suggested Israel should get hostages out if possible before any ground invasion. "It's their decision, but I did not demand it", Biden said, as he called on Congress to allocate more money for Israeli defense. Speaking in Cairo, French President Emmanuel Macron warned: "A massive intervention that would put civilian lives at risk would be an error." But boasting of "raining down hellfire on Hamas" and killing "thousands of terrorists", Netanyahu said his war cabinet and the military would determine the timing of a "ground offensive" to "eliminate Hamas" and "bring our captives home." "I will not detail when, how, or how many," he said. 'It's a massacre' Gaza's Hamas-controlled health ministry puts the number of Palestinian deaths at 6,500, including many children and 700 people killed in a single 24-hour window this week. AFP could not independently verify the ministry's claims, and US President Biden has stated he has "no confidence" in the Hamas ministry figures. While the exact toll from the war in Gaza is unclear, the depth of the suffering is not in question. Entire neighborhoods have been razed, overflowing hospitals carry out procedures without anesthetic, and residents have been forced to use ice cream trucks as makeshift morgues. "They're not waging war on Hamas, they're waging war on children," raged Abu Ali Zaarab, after his family home was bombed in the southern town of Rafah. "It's a massacre." About 1.4 million people -- more than half the population -- have been displaced, according to the United Nations. The UN says 12 of the territory's 35 hospitals have closed due to damage or insufficient fuel, and a key UN aid agency serving almost 600,000 Palestinians "began to significantly reduce its operations." Israel has cut off Gaza's normal supply corridors for water, food, and other necessities, and fewer than 70 relief trucks have entered the impoverished territory since the war began. None contained fuel, which Israel fears Hamas will use for rockets and explosives. Aid agencies have warned that more people will die if medical equipment, water desalination plants, and ambulances stop operating because of a lack of fuel. Once the generators stop, hospitals will "turn into morgues", the Red Cross has warned. Hospitals are also struggling with a shortage of medicines and equipment. "There's not enough anesthetic," said Ahmad Abdul Hadi, an orthopedic surgeon working at Nasser Hospital in Khan Yunis. "The wounded are in severe pain but we can't wait for the procedure, so we're forced to do the operation. We performed a number of surgeries without anesthetic. It's tough and painful, but with the lack of resources, what can we do?" A regional 'explosion' The war has sparked fears of a regional conflagration if it draws in more of Israel's enemies. Since October 7, Israel has launched thousands of reprisal strikes in Gaza, but it has also hit targets in Lebanon and Syria. Late Wednesday, Lebanon-based Hezbollah fired what Israel said was a surface-to-air missile at an Israeli drone. Israel's military said it had intercepted the missile and "struck the source of the launch" in retaliation. Hamas, Hezbollah, and Syria's government are backed by Iran, which denies Israel's right to exist. Tehran's top diplomat on Wednesday accused Israel of carrying out "genocide" in Gaza. Jordan's King Abdullah became the latest leader to warn that ongoing violence could "lead to an explosion" in the region. His wife Queen Rania accused Western leaders of a "glaring double standard" for not condemning Israel's killing of Palestinian civilians in its bombardment of Gaza. Violence has also risen sharply in the occupied West Bank, where health officials said more than 100 Palestinians had been killed, mostly in raids by Israeli troops or in clashes with Israeli settlers. The post Netanyahu says Israel ‘preparing’ Gaza ground war appeared first on Daily Tribune......»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope appeared first on Daily Tribune......»»
Israel says at ‘war’ after rocket barrages, militant infiltration
Palestinian militants have begun a "war" against Israel, the country's defense minister said Saturday after a barrage of rockets were fired and fighters from the Palestinian enclave infiltrated Israel, a major escalation in the Israeli-Palestinian conflict. Violence between Israel and the Palestinians has been surging for almost two years, with fatalities in the occupied West Bank hitting a scale not seen in years. At least two people were killed in Israel, officials said. Israel's Defense Minister Yoav Gallant said Palestinian militant group Hamas has "launched a war against the State of Israel." "Troops are fighting against the enemy at every location," he said in a statement. AFP journalists said Israel's military began air strikes on Gaza, following the rocket barrage from inside the territory which is sealed off from Israel by a militarized border barrier. "Dozens of IDF fighter jets are currently striking a number of targets belonging to the Hamas terrorist organization in the Gaza Strip," the military said. Rockets had earlier streamed across the sky repeatedly after the first launches from multiple locations across the Palestinian territory from 6:30 am (0330 GMT), AFP journalists in Gaza City reported. The armed wing of Hamas, which controls Gaza, said it was behind the aerial assault, saying its militants had launched thousands of rockets and its fighters seized an Israeli tank. Israel's army did not immediately comment on the tank claim when contacted by AFP. Israeli security chiefs convened over the violence, which occurred on Shabbat and during a Jewish holiday. Air raid sirens wailed across southern and central Israel, and the army urged people to stay near bomb shelters. AFP journalists in Jerusalem heard multiple rockets being intercepted by Israeli air defense systems. Sirens blared across the city on more occasions than in any Gaza conflict in the past three years. "We decided to put an end to all the crimes of the occupation (Israel). Their time for rampaging without being held accountable is over," the Ezzedine al-Qassam Brigades said. "We announce Operation Al-Aqsa Flood and we fired, in the first strike of 20 minutes, more than 5,000 rockets." Hundreds of Gazans flee Hundreds of residents fled their homes in eastern Gaza to move away from the border with Israel, an AFP correspondent said. Men, women and children carrying blankets and food left their homes, mostly in the northeastern part of the territory, the reporter said. Israel's military said Hamas launched "massive shooting of rockets", while at the same time "terrorists infiltrated into Israeli territory in a number of different locations". Hamas "will face the consequences and responsibility for these events", it said in a statement. In Israeli-annexed east Jerusalem, some Palestinian residents cheered and blew their car horns as sirens blared. A regional council for Israeli communities northeast of Gaza said its president was killed in an exchange of fire with attackers from Gaza. Separately, a woman in her 60s was killed "due to a direct hit" in Israel, the Magen David Adom emergency services said. Fifteen others were wounded, two of them seriously, medics said. An AFP photographer in the coastal city of Tel Aviv saw a gaping hole in a building, with residents gathered outside. Hamas calls to 'join battle' Hamas called on "the resistance fighters in the West Bank" as well as "our Arab and Islamic nations" to join the battle, in a statement posted on Telegram. The United States condemned the Hamas fire and urged "all sides to refrain from violence and retaliatory attacks." "Terror and violence solve nothing," the US Office of Palestinian Affairs wrote on X, formerly Twitter. Israel has imposed a crippling blockade on Gaza since 2007 after Hamas took power. Palestinian militants and Israel have fought several devastating wars since. The latest violence follows heightened tensions in September, when Israel closed the border to Gazan workers for two weeks. The shutdown of the crossing came as Palestinian demonstrators along the border burned tires and threw rocks and petrol bombs at Israeli troops, who responded with tear gas and live bullets. Resuming workers' passage on 28 September had raised hopes of calming the situation in impoverished Gaza, home to 2.3 million people. In May, an exchange of Israeli air strikes and Gaza rocket fire killed 34 Palestinians and one Israeli. So far this year at least 247 Palestinians, 32 Israelis and two foreigners have been killed in the conflict, including combatants and civilians on both sides, according to Israeli and Palestinian officials. The vast majority of fatalities have occurred in the West Bank, which has been occupied by Israel since the 1967 Arab-Israeli War. There has been a rise in army raids, Palestinian attacks targeting Israelis and Israeli settler violence against Palestinians and their property. The rising violence this year came against the backdrop of divisive judicial reforms introduced by the hard-right government of President Benjamin Netanyahu, who is on trial for corruption charges he denies. Several far-right ministers in Netanyahu's cabinet live in West Bank settlements deemed illegal under international law. The post Israel says at ‘war’ after rocket barrages, militant infiltration appeared first on Daily Tribune......»»
Push at UN for reform to meet elusive development goals
Developing countries on Monday urged a shake-up in the global order to help the world's poorest, at a United Nations summit on ambitious anti-poverty promises that remain far off track. Hoping to show a focus on more than the war in Ukraine, UN Secretary-General Antonio Guterres convened the development summit on the eve of the annual General Assembly, where Ukrainian President Volodymyr Zelensky is set to take center-stage. In 2015, UN member states adopted the Sustainable Development Goals, 17 targets to transform the world by 2030 including by completely ending extreme poverty and making sure not a single of the planet's eight billion people goes hungry. Guterres called for a "global rescue plan" on the targets, as he acknowledged that only about 15 percent were on track to be met and that metrics on some were heading in reverse. "The SDGs aren't just a list of goals. They carry the hopes, dreams, rights and expectations of people everywhere," Guterres told the summit. "In our world of plenty, hunger is a shocking stain on humanity, and an epic human rights violation. "It is an indictment of every one of us that millions of people are starving in this day and age." Addressing the summit, South African President Cyril Ramaphosa said, "Ultimately, the achievement of the Sustainable Development Goals depends on the fundamental reform of global social, economic and political relations." Ambitions sidetracked In a declaration adopted by consensus Monday, UN member-states reaffirmed their commitment to the goals and to eradicating extreme poverty, defined as living on less than $2.15 a day. The nations agreed to "act with urgency" to implement the "plan of action for people, planet, prosperity, peace and partnership, leaving no one behind," the declaration said. But efforts to devote money and attention to the goals have been repeatedly set back, including by the Covid-19 pandemic, the war in Ukraine and other tumult, worsening climate catastrophes and sharp increases in the cost of living. The declaration also backed in general terms reform of international financial institutions, weeks after a G20 summit in New Delhi focused on increasing representation in the World Bank and International Monetary Fund. But Mia Mottley, prime minister of Barbados, told the summit that the issue went deeper. "The calls for international reform of the financial system really are not just about governance, but they are for us about longer money, cheaper money, and being able to use it for the purposes for which we need to reduce all of our inequalities and achieve the elements of the SDGs," she said. Poorest 'counting' on momentum French Foreign Minister Catherine Colonna, addressing the summit, said that Paris was increasing its development assistance despite an era of tight budgets, with special attention on climate. "We need to demonstrate an electroshock of solidarity," she said. The United States, which has pumped $43 billion in military aid into Ukraine to help defend against Russian invasion, has hoped to show it is also interested in development. Linda Thomas-Greenfield, the US ambassador to the United Nations, called the declaration on Monday "historic." "This is an important step, but it must be followed by accelerated action," she said. "All member-states must continue to drive progress forward. The world's most vulnerable are counting on us, and we must leave no one behind." But one senior European diplomat warned the gap was growing between the developing and developed worlds. One goal for the summit is "making sure that that rift doesn't grow further," the diplomat said, speaking on condition of anonymity. The post Push at UN for reform to meet elusive development goals appeared first on Daily Tribune......»»
Global stocks rise on Arm trade debut as ‘dovish’ ECB hike hits euro
Global stock markets rose while the Euro slid on Thursday after the European Central Bank (ECB) signaled its latest interest rate hike could be its last. The major stock indexes on Wall Street rose following positive economic data, while chip designer Arm saw its share price surge almost 25 percent on its trading debut in New York. The SoftBank-supported firm's banner initial public offering left it with a market capitalization of around $65 billion -- well above its target. Arm's IPO netted SoftBank almost $5 billion while leaving it with control over approximately 90 percent of the company. "I want to keep as much as possible as long as possible," SoftBank chief executive Masayoshi Son told CNBC on Thursday. "I'm a long-term believer," he added. The Dow Jones Industrial Average rose almost one percent, while the S&P 500 and the Nasdaq both increased. 'Reached the peak'? In Frankfurt, the ECB opted for another interest rate hike of 0.25 percentage points on Thursday as it continues the fight against inflation, taking the closely-watched deposit rate to its highest level since the introduction of the euro in 1999. The bank defied calls for a pause to take pressure off the faltering eurozone economy, even as it cut growth forecasts. In its updated forecast, the ECB now sees inflation falling to a near-target level of 2.1 percent in 2025. The central bank's Governing Council said it "considers that the key ECB interest rates have reached levels" that over time should make a "substantial contribution" to returning inflation to its target level of two percent. "This is a clear and deliberate signal to the market that the ECB thinks it is done for now and we have reached the peak in rates," said Neil Wilson, chief market analyst at Finalto. The euro traded lower against the dollar due to the "dovish hike," he added. Eurozone stocks, which were trading lower beforehand, bounced higher. Other analysts were not so categorical that the ECB was done with hiking rates. "A lingering pause is being signaled, but it's a low-conviction pause," said Mark Wall, chief European economist at Deutsche Bank Research. "The ECB has retained the option to hike further if necessary," he added. London's FTSE 100 gained two percent on rising commodity prices, including oil, and the falling pound. Crude prices remain elevated, with some analysts warning they could soon return to more than $100 per barrel. The post Global stocks rise on Arm trade debut as ‘dovish’ ECB hike hits euro appeared first on Daily Tribune......»»
Pause or hike? ECB rate decision on a knife edge
The European Central Bank is walking a tightrope between still-high inflation and a darkening eurozone outlook as it decides whether to lift interest rates again or finally pause its historic hiking cycle. Whether to raise borrowing costs for a 10th straight time when they meet Thursday is shaping up to be rate-setters trickiest decision since the tightening campaign began. The central bank for the 20 countries that use the euro has already lifted rates by 4.25 percentage points since July last year to combat runaway consumer prices. But the Frankfurt institution now finds itself in a "difficult spot," HSBC said in a note, as officials struggle to digest competing data. On one hand prospects for the single currency area are looking bleaker, particularly due to a poor performance in its biggest economy, Germany, which sank into a recession over the winter and is struggling to climb out of it. Latest data showed eurozone second-quarter growth reached just 0.1 percent, lower than previously estimated, while a recent survey pointed to the economy contracting at its fastest rate in three years as a manufacturing slowdown spread to services. The weak data has fuelled calls for the ECB to pause the aggressive hiking cycle for fear it could deepen a downturn, and President Christine Lagarde finally opened the door to doing so at the bank's last meeting in July. Eye-watering inflation But consumer prices, which began surging after Russia's invasion of Ukraine due to galloping energy costs, continue to rise strongly. This would support arguments for another hike to borrowing costs, with the aim of further depressing demand and slowing inflation. Consumer price rises came in unchanged at 5.3 percent in August, way above the ECB's two percent target, although closely-watched core inflation -- excluding volatile energy and food prices -- eased a little. While inflation has slowed since last year as energy costs fall, officials are now worried that other factors, particularly wage increases in a tight labor market, are keeping it elevated. The data makes for a "very complicated mixed bag," said ING economist Carsten Brzeski. "We expect a very heated debate with a close outcome." Brzeski said he expected the 26-member governing council to opt for one final increase, which would take the closely-watched deposit rate to a record high. Other analysts, however, are betting on a pause on Thursday, although they also think the ECB might then impose one final hike at a later meeting. This would be similar to what the US Federal Reserve has done -- taking a break in June before resuming lifting rates again in July. The Fed and the Bank of England are due to hold their next meetings the week after the ECB. Hawks versus doves ECB officials have insisted their decision will depend on incoming data, which has put the focus on updated forecasts the central bank is also due to release on Thursday. In the run-up to the meeting, they have mostly been cagey about what will happen, a contrast to other recent meetings where the decision was usually well-telegraphed in advance. And mixed signals have emerged in recent days. Governing council member Peter Kazimir called for another 25-basis-point hike, with the Slovak central bank chief writing in an op-ed it is "better to be safe than sorry". But another member, Italian central bank boss Ignazio Visco, disagreed with those who think it is better to overdo it, rather than undershoot, while ECB chief economist Philip Lane welcomed signs inflation was easing in some areas. Analysts stressed it was far from clear whether the "hawks", backers of further tightening, or "doves" -- proponents of a pause -- would prevail on Thursday. But if they do choose to lift rates, it will likely be "the final hike in this cycle, with the ECB on hold until at least mid-2024," said Frederik Ducrozet, chief economist at Pictet Wealth Management. The post Pause or hike? ECB rate decision on a knife edge appeared first on Daily Tribune......»»
Ejercito’s son fell victim to SMS scammers
The son of Senator Joseph Victor “JV” Ejercito became one of the latest victims of scammers who prey on their innocent victims through mobile text messaging or SMS. In a virtual interview, Ejercito narrated how his son, Emilio, was scammed by an unidentified phone caller despite the imposition of the mandatory SIM card registration law last month. “It happened, I think, around last month only. We already reported it to the NBI (National Bureau of Investigation) Cybercrime Division,” he told reporters on Friday. “What is worrisome here is it looks like an inside job,” he added. He noted that his son received several calls asking for his information after he received a credit card from his bank. “What puzzles us is that they knew his information; hence, I said it is an inside job. They know his background and everything about him,” he said. “So maybe, the kid, being naïve, thought it was legitimate because they knew his information his address, birthday, parents, and school. He gave the OTP,” he added. The OTP or one-time password is one of the most common authentication methods utilized by banks which they send to their clients through text messages. “To cut a long story short, the savings which I’ve been giving him for several years were cleaned up,” Ejercito said. “This kid is very frugal, he doesn’t spend a lot. Every time I gave him money during Christmas or birthdays, he really saved it up,” he added. The lawmaker said that the amount scammers took from his son ranged from P100,000 to P120,000. “That is why I am really saddened by this because he really saved it through the years,” he said. Due to the incident, Ejercito said he would support the inclusion of P300 million worth of confidential and intelligence funds in the 2024 proposed budget for the Department of Information and Communications Technology. “That is why if the DICT would really use it for anti-fraud or cyber [security] then I would support it,” he said. In a statement, Budget Assistant Secretary Mary Anne de la Vega said the additional P300 million in DICT’s CIF will cover the agency’s cyber security programs. The post Ejercito’s son fell victim to SMS scammers appeared first on Daily Tribune......»»
UAE to set up anti-money laundering bodies amid scrutiny
The UAE announced plans on Sunday to establish judicial bodies to prosecute money laundering and financial crime following increased monitoring by a global watchdog dedicated to battling illicit cash flows. The official WAM news agency reported that the United Arab Emirates has approved a "proposal to establish federal prosecution entities specialized in economic crimes and money laundering". It said the move "represents a first step towards investigating and cracking down on" shady financial transactions. The proposal calls for the "creation of prosecution offices specialized in" illicit finance. It comes more than a year after the Paris-based Financial Action Task Force added the UAE to a "grey list" of nations subject to greater oversight because of concerns over illicit finance. The FATF listing in March 2022 came as a blow to the UAE's reputation as a major financial and business hub. The watchdog has since upheld its decision, but a June report noted improved efforts in the UAE to tackle shortcomings. The step announced on Sunday aims to enhance "the confidence of international investors in the UAE's business environment" and encourage "them to bring their businesses to the UAE", WAM said. "The project's significance lies in its role in protecting the national economy and reducing the impact of economic and financial crimes," it added. The resources-rich UAE has become a nexus connecting the Middle East, Europe, Central Asia, and Asia. Dubai has the world's busiest airport in terms of international passenger traffic and is also one of the busiest seaports. While the desert country has successfully diversified its economy rather than relying on oil, experts and international organizations have long criticized a failure to crack down on suspicious financial transactions. Senior US officials visited earlier this year for talks with UAE authorities, including the central bank, on the evasion of sanctions imposed on Russia and Iran, as well as money laundering. The post UAE to set up anti-money laundering bodies amid scrutiny appeared first on Daily Tribune......»»
Malnutrition, hunger shade Phl growth
The Asian Development Bank’s outlook for the Philippines remains unchanged since April, maintaining that the country’s economy would expand by 6.0 percent for the remainder of the year and grow by 6.2 percent in 2024. In April, Kelly Bird, ADB country director for the Philippines, noted that the economy was in expansion mode after the gross domestic product grew 7.6 percent throughout 2022. “It (Philippine economic growth) is expected to moderate this year (2023) from the previous year’s forecast-beating outturn, but will remain on a healthy expansion mode underpinned by rising domestic demand and a recovery in services, particularly tourism,” he said. In the latest update of its quarterly Asian Development Outlook 2023 report, the ADB said domestic demand and services continue to drive growth in Southeast Asia, with many economies in the region, including the Philippines’, benefiting from strong tourism recovery. It said robust investment and private consumption, along with rising employment, growth in production and retail sales, and upbeat activity in private and public construction, is propelling the Philippine economy forward, making the country a strong candidate for the fastest-growing economy in the region in 2023, even surpassing Singapore’s and Vietnam’s. Filipinos look forward to ADB’s forecast that growth will remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy. GDP growth should pick up even more as the external environment improves. Hopes are pinned on private consumption and investment to continue to expand, though easing from 2022’s brisk pace while household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas. The bank’s outlook on the Philippine economy should get President Marcos into a pumped-up mood as he gets ready to address the country in his 2nd State of the Nation address on Monday. But ADB’s sobering notes on hunger and malnutrition threaten to dim whatever bright disposition he may have at the moment. In its report, the ADB notes that despite rapid economic growth in recent years, these “impressive gains” along with whatever efforts to reduce poverty have not lowered hunger, particularly among people in lower income levels. The ADB cites data from the UN Food and Agriculture Organization indicating the prevalence of food insecurity in the Philippines, averaging 43.8 percent of the total population from 2019 to 2021 with 5.2 percent of the people undernourished. An Expanded National Nutrition Survey in 2021 revealed that under-nutrition rates were “very high,” with 26.7 percent of children under five years old stunted. Among school-age children (5-10 years old), the stunting rate was 19.7 percent and much higher among the poorest quintile at 32.7 percent. Alarming figures indicate that chronic malnutrition and stunting are strongly linked to disease and premature death; they adversely affect crucial stages of development (of children), causing cognitive and behavioral deficits, learning disabilities and ultimately a sub-optimal and uncompetitive labor force. The government’s response, the ADB observed, was short-term measures providing social support to vulnerable groups and temporarily easing import restrictions on some agricultural products. And this note should be of particular concern to the President, who remains unmoved by calls to designate a full-time, hands-on expert thoroughly steeped in agriculture at the agency. These data are also alarming: Agriculture growth in the Philippines has underperformed for the past two decades; it grew 3.5 percent on average annually from 2000 to 2010, then by 1.5 percent from 2011 to 2022; Agriculture’s share of GDP has declined from over 15 percent in early 2000 to an average of 9 percent in the past five years, with one-fifth of employment remaining in agriculture; and today’s Philippine agriculture labor productivity continues to lag behind its peers in the Southeast region. The ADB recommended that government strengthens food security and nutrition through social protection responses. Data on poverty incidence showed it declined from 23.5 percent of the population in 2015 to 16.7 percent in 2018 but rose again to 18.1 percent in 2021 because of the pandemic. As the President prepares to take on another year in office, we hope that the President is aware of the urgencies that need to be effectively tackled in the sector he insists on overseeing and of the sociopolitical costs and the not-so-flattering image the country — and the world — would have of his leadership if he leaves these issues substantially unresolved. The post Malnutrition, hunger shade Phl growth appeared first on Daily Tribune......»»
Bong Go calls for diplomatic solutions amid WPS tension
In the midst of escalating tensions caused by dangerous maneuvers and swarming of Chinese ships in the West Philippine Sea, Sen. Bong Go hopes for peaceful and diplomatic solutions to ensure that the Philippines is able to protect its territorial integrity. Go emphasized in an interview on Monday, 10 July the importance of engaging in constructive dialogue rather than resorting to confrontation. “Alam nyo tulad po ng stand ni dating pangulong (Rodrigo) Duterte, kung ano po ang atin ay atin po ‘yon. What is ours is ours. Ibig sabihin atin po ‘yon. Ipaglaban po natin. Kung ano po ang napanalunan natin, atin po ‘yun. Even an inch, wala po tayong dapat ibigay,” Go said. “Sa ngayon naman po ayaw natin ng giyera ‘di ba? Dahil paano tayo makipag-giyera sa ngayon sa kanila? Ngunit ang Pilipino po ay kilala na lumaban. Kaya kung maaari ay magkaroon ito ng peaceful resolution. Ako naman po ay naniniwala na kung pwede natin itong pag-usapan ay pag-usapan po natin sa maayos na paraan. Dahil ang kawawa naman po ay ating mga mananagat kapag sila po ang hina-harass,” he cited. According to an official statement on Sunday, the Armed Forces of the Philippines (AFP) and the Philippine Coast Guard (PCG) are planning to increase their maritime patrols in the Iroquois Reef in response to the recent presence of Chinese vessels in the West Philippine Sea. The Western Command of the AFP reported the discovery on June 30, of 48 boats suspected to be part of the Chinese maritime militia near Iroquois Reef, also known as Del Pilar Reef. Iroquois Reef is situated south of the resource-abundant Recto Bank and falls within the exclusive economic zone of the Philippines. The post Bong Go calls for diplomatic solutions amid WPS tension appeared first on Daily Tribune......»»
Multiple grammars of land reform law
The newly-minted Republic Act No. 11953 is a class legislation, at least insofar as it is pro-landless poor, but that is not to say that the landowners will not be justly compensated in the same breath. The latter may turn out to be not even the “silent losers” in this highly experimental stroke of legislative genius. Some cynics might even suspect it to be Adam Smith’s concept of the “invisible hand.” Recall that in another imminent enactment, namely, the “Maharlika Investment Fund,” the Land Bank of the Philippines will contribute P50 billion as its equity as if this will not badly affect its capital build-up as a government financing institution. With the New Agrarian Emancipation Act of 2023, the P58 billion that agrarian reform beneficiaries owed to Land Bank was, in effect, written off. It is as though this huge sum of “foregone revenues” coupled with the seed money it will download to the MIF would still allow Land Bank to sail on an even keel. Pareto efficiency has become the name of the game — “an economic state where resources cannot be reallocated to make one better off without making at least one individual worse off.” How clever of the government to turn Land Bank into neither victim nor villain. Never strange bedfellows, the Department of Agrarian Reform and Land Bank will formulate the necessary Implementing Rules and Regulations. Meanwhile, there’s always a lone voice in the Lower Chamber who plays harbinger of unfolding scenarios. He calls the new land reform law the “best and biggest accomplishment’ of FM Jr. in his first year, it being “historic in scale, in world view, and in what it will bring to the people,” and an “important step toward rural and agrarian justice.” If that were not preaching to the choir, what is? As it now graphically appears, the P500-billion capitalization, “fund-raising project” if you will, for the Maharlika Investment Corporation is akin to an empty vault that has to be filled with tons of money. We are all led to believe that funds create wealth when it should be the other way around. As Jim Morrison says, “Whoever controls the media, controls the mind.” No less than the House Speaker plays poster boy for the administration’s policy agenda. Recall that Executive Order No. 4 signed on the President’s 65th birthday (i.e. 13 September 2022) is “implementing a moratorium on the payment of the principal obligation and interest of the amortization due and payable by agrarian reform beneficiaries.” Wonder how a supposedly one-year relief from the debt burden has been lifted forever when RA No. 11953 supersedes EO No. 4 as a mere placeholder. In the one-year freeze or if not enabling Land Bank to collect payment from the farmer-beneficiaries of the Comprehensive Agrarian Reform Program, the former loses billions in revenue. What adds insult to injury in the context of the new policy configuration is that all 30 annual amortizations will be written off. How well Land Bank can absorb the shock seems behind us. With the new emancipation law, the good President has written off P58 billion, benefiting around 654,000 ARBs and involving a total of 1.18 million hectares of awarded lands. When FM Jr. thought of “continuing economic relief to ARBs” to help them “recover and ensure food security in the county amidst global uncertainties,” the requisite impact report implementing the order has become moot and academic. That original Senate Bill No. 1112 authored by the President’s senator-sister is meant to emancipate ARBs from the debt burden through the free award of agricultural lands — individually titled rather than collectively; zero compensation for the Land Bank instead of P58 billion in receivables (i.e. amortization payments); a CLOA free of the 10-year restriction; and condonation and individual titling that will complete the emancipation of landless farmers. Once duly titled — fast-forwarding to the future — into whose hands will the agricultural lands fall? The post Multiple grammars of land reform law appeared first on Daily Tribune......»»
US Fed official calls for increase to bank capital requirements
A senior Federal Reserve official has proposed raising capital requirements for large US banks as part of a "comprehensive" series of measures to tighten banking regulation and supervision. The proposals announced Monday by the Fed's vice chair for supervision, Michael Barr, cover a wide range of issues aimed at strengthening oversight of banks with more than $100 billion in assets. This would include mid-sized institutions, which came under significant stress earlier this year after a bank run spurred by concern about how lenders like Silicon Valley Bank (SVB) had managed their interest rate risk. "A threshold of $100 billion would subject more banks to our most risk-sensitive capital rules compared to the current framework," Barr told a conference in Washington in prepared remarks. The current rules only apply to firms that are internationally active or have $700 billion or more in assets, he said. "Our recent experience shows that even banks of this size can cause stress that spreads to other institutions and threatens financial stability," he said. The proposals are equivalent to "requiring the largest banks hold an additional two percentage points of capital," he continued. Capital requirements are the financial buffers banks must hold to guard against potential losses. "By strengthening capital standards, we are ensuring that businesses have credit to grow and hire workers, and deal with the ups and downs in the economy," Barr added. Other proposals he put forward include introducing a long-term debt requirement for all large banks. "Long-term debt improves the ability of a bank to be resolved upon failure because the long-term debt can be converted to equity and used to absorb losses," he said. The post US Fed official calls for increase to bank capital requirements appeared first on Daily Tribune......»»
Maharlika bill in Marcos’ hands
Malacañang on Wednesday confirmed that the controversial Maharlika Investment Fund Bill has already been transmitted to the Office of the President. The Palace made the confirmation through Communications Secretary Cheloy Garafil after the office of Senate President Juan Miguel Zubiri said on Tuesday that House Speaker Martin Romualdez signed the final version of the MIF bill. Zubiri’s office added that the MIF bill was transmitted to the OP on Tuesday through the Presidential Legislative Liaison Office. “Maharlika bill received yesterday by Office of the Deputy Executive Secretary for Legal Affairs,” said Garafil in a Viber message to reporters. The bill now solely requires President Ferdinand Marcos Jr.’s endorsement and signature to be enacted as a law. However, Garafil said there is no announced date yet for Marcos to sign the Maharlika bill. To recall, Marcos mentioned last month that he would “immediately sign” the bill once he received it, but he clarified that he would still need to review the changes made in the Congress’ approved version of the proposed sovereign fund, which he said should be independent of the government to become successful. In an interview following the 85th anniversary of the Securities and Exchange Commission last month, Marcos underscored that the MIF would be “independent” from the government once established through law. “Even I proposed to the House was to remove the president as part of the board, to remove Central Bank chairman, to remove the Department of Finance because it has to operate as an independent fund, well managed professionally,” Marcos said. The MIF bill introduces a sovereign wealth fund that aims to invest in various assets such as foreign currencies, fixed-income instruments, domestic and international corporate bonds, commercial real estate, and infrastructure projects. This initiative is intended to boost economic development. The bill calls for the creation of the Maharlika Investment Corporation, which will serve as the exclusive entity responsible for mobilizing and utilizing the MIF for investment transactions, with the goal of generating optimal returns on investments. According to the proposed legislation, the MIF will not utilize the funds of the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation or Home Development Mutual Fund. The post Maharlika bill in Marcos’ hands appeared first on Daily Tribune......»»
Controversial MIF already with the Office of the President
The controversial measure seeking to create a Maharlika Investment Fund was already transmitted to the Office of the President, Malacañang confirmed on Wednesday. The Palace made the confirmation through Communications Secretary Cheloy Garafil after the office of Senate President Juan Miguel Zubiri said on Tuesday that House Speaker Martin Romualdez signed the final version of the MIF bill. Zubiri's office added that the MIF bill was transmitted to the OP yesterday through the Presidential Legislative Liaison Office. "Maharlika bill received yesterday by Office of the Deputy Executive Secretary for Legal Affairs," said Garafil in a Viber message to reporters on Wednesday. The bill now solely requires Marcos' endorsement and signature to be enacted as a law. However, Garafil said there is no announced date yet for Marcos to sign the Maharlika bill. To recall, President Ferdinand Marcos Jr. mentioned last month that he would "immediately sign" the bill once he received it. But the Chief Executive said he would still need to review the changes made in the Congress' approved version of the proposed sovereign fund, which he said should be independent of the government to become successful. In an interview following the 85th anniversary of the Securities and Exchange Commission last month, Marcos underscored that the MIF would be "independent" from the government once established through law. "Even I proposed to the House was to remove the president as part of the board, to remove Central Bank chairman, to remove the Department of Finance because it has to operate as an independent fund, well managed professionally," Marcos said. The MIF bill introduces a sovereign wealth fund that aims to invest in various assets such as foreign currencies, fixed-income instruments, domestic and international corporate bonds, commercial real estate, and infrastructure projects. This initiative is intended to boost economic development. The bill calls for the creation of the Maharlika Investment Corporation (MIC), which will serve as the exclusive entity responsible for mobilizing and utilizing the MIF for investment transactions, with the goal of generating optimal returns on investments (ROIs). According to the proposed legislation, the MIF will not utilize the funds of the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), or Home Development Mutual Fund (HDMF). The post Controversial MIF already with the Office of the President appeared first on Daily Tribune......»»
World Bank calls for teacher skill enhancement in Philippines
Countries in East Asia and the Pacific including the Philippines will need to work on upgrading the skills and knowledge of the current teacher workforce in the next 10 years to improve the quality of education, according to the World Bank......»»
ADB calls for greater female inclusion in fintech
Countries in Asia and the Pacific are urged to encourage more female participation in the digital and financial technology (fintech) industry through science, technology, engineering and math education to overcome gender biases in the workforce and business environment, according to the Asian Development Bank......»»
Thousands flee flooded homes after Ukraine dam destroyed
Thousands were fleeing their homes Wednesday after the destruction of a frontline Russian-held dam in Ukraine flooded dozens of villages and parts of a nearby city, sparking fears of a humanitarian disaster. Downstream from the breached Kakhovka dam, Ukrainian police and troops in the southern city of Kherson were bringing people out from inundated areas in inflatable boats, most clutching only a few documents and pets. Despite the evacuations, officials said Russian forces have kept shelling the residential neighborhoods. Ukraine and Russia have traded blame for the dam being ripped open early Tuesday, prompting Turkey's president to propose to both nations' leaders an international probe of the breach. The destruction has also raised fears of an environmental disaster and nuclear safety risks as it provides cooling water for Europe's largest nuclear plant. One woman, Nataliya Korzh, 68, had swum part of the way to escape from her house. She emerged from a rescue boat barefoot, her legs covered with scratches, her hands trembling from cold. "All my rooms are underwater. My fridge is floating, the freezer, everything. We're used to shooting, but a natural disaster is a real nightmare. I wasn't expecting that," she told AFP. She feared for her two dogs and cat, which she was unable to save. "To get to the room where the dogs were, I would have had to dive. I don't know what's happened to them." The water was waist-deep in the central streets of Kherson and the ground floors of buildings were submerged. A spokesman for Ukraine's emergency services, Oleksandr Khorunzhyi, said that "currently there is no information about the dead or injured". Water levels in Kherson have risen by five meters (16 feet), he said. While finger-pointing continued over the dam's destruction, Moscow accused Kyiv of blowing up a key pipeline that Russia used before the war to export ammonia and whose re-activation it has requested as part of grain deal talks. Continued shelling The governor of the Kherson region, Oleksandr Prokudin, said 1,700 people had been evacuated so far and reported that ongoing shelling was endangering rescuers and locals. Moscow-installed officials on the Russian-occupied side of the river said on Tuesday that more than 1,200 people had been evacuated. A policeman, Sergiy, 38, was using a radio to coordinate the rescue boats. "Today we've already saved 30 people, 10 pets. There was one child. We will work until we've brought out all the people," he told AFP. Washington warned there would be "likely many deaths" due to the breach of the Kakhovka dam. Kyiv said the destruction of the dam -- seized by Russia in the early hours of the war -- was an attempt by Moscow to hamper its long-awaited offensive, which Ukraine's leader stressed would not be affected. The United Nations warned that hundreds of thousands could be affected on both sides of the frontline. The governor of the Kherson region, Oleksandr Prokudin, said 1,852 houses had been flooded by early Wednesday. "According to our forecasts, the water level will increase by one meter within the next 20 hours," he warned. An official in President Volodymyr Zelensky's office, Daria Zarivna, said that in the occupied territory "the Russians simply abandoned people" and in the town of Oleshky on the opposite bank from Kherson, "many spent the night on the roofs of houses". 'Environmental bomb' Zelensky accused Russia of detonating an "environmental bomb of mass destruction", saying authorities expected up to 80 settlements with tens of thousands of residents to be flooded and urging the world to "react". "This crime carries enormous threats and will have dire consequences for people's lives and the environment," Zelensky said. But the explosion would "not affect Ukraine's ability to de-occupy its own territories", he added. Last October, Zelensky accused Russia of planting mines at the dam, warning that its destruction would spur a new wave of refugees into Europe. Kyiv said 150 tonnes of engine oil had spilled into the river, and the agricultural ministry said about 10 thousand hectares of farmland on the right bank of the river would be flooded and "several times more" on the left bank. China expressed "serious concern" over the dam destruction, while EU chief Charles Michel called it a "war crime" and NATO chief Jens Stoltenberg condemned it as "outrageous". Russia has said the dam was partially destroyed by "multiple strikes" from Ukrainian forces and urged the world to condemn Kyiv's "criminal acts". Turkish President Recep Tayyip Erdogan's office said he proposed setting up an international commission to investigate the destruction of the dam in calls with Zelensky and Russian leader Vladimir Putin. The Soviet-era dam, built in the 1950s, sits on the Dnipro River, which provides cooling water for the Russian-occupied Zaporizhzhia nuclear power plant some 150 kilometers (90 miles) away. The UN nuclear watchdog agency said the dam break was posing "no short-term risk" to the plant. Separately, Moscow accused a Ukrainian "sabotage" group of blowing up a section of the Togliatti-Odesa pipeline that Russia used to export ammonia and that is part of the international talks on allowing grain exports from Ukraine amid the conflict with Russia. Ukrainian officials have accused Russian forces of firing at the ammonia pipeline. The post Thousands flee flooded homes after Ukraine dam destroyed appeared first on Daily Tribune......»»
Camille Pascual, of British Empire’s Most Excellent Order
My good friend, prominent banker Federico “Ding” Pascual, shared with me news about his daughter, Camille, who has just been bestowed by His Majesty The King with the honorific title of “Member of the Most Excellent Order of the British Empire.” On the occasion of His Majesty’s birthday, selected individuals are recognized twice a year for their services to the United Kingdom. Camille, who is the Marketing and Communications Head of the British Embassy in Dubai, United Arab Emirates, was officially honored on 23 May as an MBE for her services in promoting British Trade and Investment in the Middle East by Princess Anne at Windsor Castle. Below is an abridged version of Camille’s first-hand account of her investiture as an MBE. “I looked at my mobile one Saturday evening last year and saw that I had missed four calls from HM Trade Commissioner for the Middle East, Simon Penney. I immediately called him back as I was concerned that I would have to handle an urgent work request. He asked if I was sitting down. I wasn’t, so he told me to sit down and then proceeded to congratulate me, saying I had been awarded an MBE in HM The Queen’s Birthday Honors. The Honors List would be published in The Gazette — the UK’s official public record — on the 1st of June. I burst into tears. “Will you accept?” asked Simon. “Of course!” I replied. He swore me to secrecy, but that I could tell my husband and no one else until the Birthday Honors List was published. I have worked for the British Embassy in Dubai for 13 years, promoting the UK in the Middle East and Africa as a place to trade with, invest in, and do business with. Over the years I have supported hundreds of British companies, championing UK capability across all sectors from Infrastructure and Energy to Healthcare and Education. Outside the trade and investment sphere at the British Embassy, I was media lead working in Crisis Communications, including during the Covid lockdown to support stranded British nationals, and during the Afghanistan evacuation of 15,000 people to the UK through the UAE. When I told my parents on the morning of the day it was being announced, they could not have been prouder. We moved to the UK in 1982 when my father was posted there to head the Philippine National Bank’s European Headquarters. During our years in the UK, we traveled up and down the country and regularly visited many of the Royal Palaces: Buckingham Palace, Windsor Castle, Hampton Court Palace, among others. We would stand with the crowds during the Trooping of the Color on HM The Queen’s official birthday in June. Suffice it to say that my parents have always been Anglophiles, with a deep love of the UK, so my MBE means as much to them as it does to me. Indeed, I would not have received this Honor had it not been for them. The investiture itself only lasted a few moments, but the memory will last forever. On the day of the Investiture, the weather was glorious, and Windsor Castle could not have been more beautiful in the spring sunshine. We were ushered up a grand staircase, past a string quartet, and into the Queen’s Drawing Room to await our turn under the portraits of Henry VIII and Charles II. We were given a program which told us that it would be HRH The Princess Royal — Princess Anne — who would be formally investing me into the Order. I was one of nearly sixty people being invested that day — a mix of civilians, military and civil servants. At the top of the list of recipients was Sir Salman Rushdie, who was invested as a Companion of Honor. When it was my turn, my family and I entered the castle’s Grand Reception Room, a stunning, ornate, gilded room decorated with magnificent chandeliers. They stood to the side of the dais where The Princess Royal stood. I felt nervous as I approached the dais, curtseyed, and walked towards her, but she was smiling and kind as she congratulated me and hung my medal on the small loop that had been clipped to my dress. She asked me what had brought me to Dubai and we chatted briefly about my time at the Embassy and she commented that our relationship with the UAE was very important. I thanked her for her support of charities active in the Philippines, and for her visits there, mentioning that my family and I had moved to the UK when I was eight. She thanked me again, shook my hand, and I retreated a few steps, curtseyed again, and joined my family. The investiture itself only lasted a few moments, but the memory will last forever. We moved to St. George’s Hall for official photos, and then outside and into the sunshine to take our own photos in the courtyard. As we walked through the grounds to leave the castle, a group of four Coldstream Guards in their red jackets and bearskin hats marched past. A perfect sendoff to mark the end of a truly magical experience.” Until next week… OBF! For comments, email bing_matoto@yahoo.com. The post Camille Pascual, of British Empire’s Most Excellent Order appeared first on Daily Tribune......»»
Korean fugitive Arrested at NAIA
The Bureau of Immigration (BI) at the Ninoy Aquino International Airport (NAIA) arrested a South Korean fugitive wanted for involvement in telecommunications fraud in South Korea. In a report given to BI Commissioner Norman Tansingco, the BI Border Control and Intelligence Unit (BI-BCIU) identified the arrested fugitive as Jeon Jihoon, 37, who was intercepted on June 2 at the NAIA 1 terminal upon his arrival via China Eastern Airways flight from Shanghai, China. BI-BCIU Deputy Chief for Operation Joseph Cueto said that his men arrested the Korean after the BI officer who processed him noticed that Jeon's name was on the Interpol hit list of wanted foreign fugitives. Cueto added that after conferring with the BI Interpol unit, the immigration supervisors on duty were able to confirm Jeon's identity as the same person whose name registered a hit in the Interpol database. Jeon was later brought to the BI Warden Facility in Camp Bagong Diwa, Taguig, pending deportation proceedings. Tansingco has reportedly ordered that the Korean immediately undergo deportation for being an undesirable alien, so he could be sent back to Korea to stand trial for his alleged crime. He will then be placed on the immigration blacklist, which will ban him from entering the country in perpetuity. According to Interpol’s National Central Bureau (NCB) in Manila, Jeon was charged with telecom fraud before the Busan District Court in South Korea and issued a warrant of arrest on Feb. 24 last year against him. Jeon is accused of allegedly being a member of a voice phishing syndicate that impersonates himself as an agent of financial institutions by making random calls to other victims who are promised huge returns on their money. Hundreds of victims were reportedly lured into the scheme and enticed to deposit money, totaling more than 4.5 billion won, or roughly US$3.5 million, into the syndicates’ bank accounts. The post Korean fugitive Arrested at NAIA appeared first on Daily Tribune......»»